1. Without prejudice to the responsibility of the
competent authorities of the home Member State, where the competent
authority of the host Member State ascertains that a payment institution
having agents or branches in its territory does not comply with this
Title or with national law transposing Title III or IV, it shall inform
the competent authority of the home Member State without delay.
The competent authority of the home Member State,
after having evaluated the information received pursuant to the first
subparagraph, shall, without undue delay, take all appropriate measures
to ensure that the payment institution concerned puts an end to its
irregular situation. The competent authority of the home Member State
shall communicate those measures without delay to the competent
authority of the host Member State and to the competent authorities of
any other Member State concerned.
2. In emergency situations, where immediate
action is necessary to address a serious threat to the collective
interests of the payment service users in the host Member State, the
competent authorities of the host Member State may, in parallel to the
cross-border cooperation between competent authorities and pending
measures by the competent authorities of the home Member State as set
out in Article 29, take precautionary measures.
3. Any precautionary measures under paragraph 2
shall be appropriate and proportionate to their purpose to protect
against a serious threat to the collective interests of the payment
service users in the host Member State. They shall not result in a
preference for payment service users of the payment institution in the
host Member State over payment service users of the payment institution
in other Member States.
Precautionary measures shall be temporary and shall
be terminated when the serious threats identified are addressed,
including with the assistance of or in cooperation with the home Member
State’s competent authorities or with EBA as provided for in Article
27(1).
4. Where compatible with the emergency situation,
the competent authorities of the host Member State shall inform the
competent authorities of the home Member State and those of any other
Member State concerned, the Commission and EBA in advance and in any
case without undue delay, of the precautionary measures taken under
paragraph 2 and of their justification.
